ChatGPT is emerging as a game changer for the real estate industry.
Real estate agents and property managers nationwide are using ChatGPT to write listings and social media posts, develop business strategies, analyze housing markets and more in a fraction of the time it takes them to do manually.
What is ChatGPT?
ChatGPT is an artificial intelligence tool launched by research laboratory OpenAI in November 2022. With its advanced natural language processing capabilities, the AI chatbot can create responses that are more human-like than those of its competitors.
However its data is not always reliable – its knowledge base cuts off at the end of 2021, and changing a single word or phrase in your input can lead to dramatically different results. Users are advised to carefully review any AI-generated content for accuracy, potential exaggerations, or unintentional fair housing laws violations.
In its current form, AI cannot contextualize information as effectively as people: it just repeats what it finds online. As a result, agents and property managers are needed to oversee, edit, and add human understanding to their marketing and business interactions.
Technology designed to empower, not replace
Property managers use ChatGPT for the same reason they use PropTech: to make their jobs easier. Just as PayProp’s automation frees property managers from repetitive and time-consuming accounting admin, ChatGPT also enables them to refocus on the lifeblood of their business: winning new clients and keeping them happy.
And clients appreciate the personalized service: one survey reports 80% of consumers who have interacted with a chatbot said it only made them more frustrated, and more than half believe their customer experience would’ve been faster, easier and overall better had they dealt with a human.
Despite its widespread use, it's unlikely that artificial intelligence will replace property managers. Augmenting your services with AI and PropTech can help you improve them, but tenants and investors still demand human connection.
More PropTech headlines
OpenAI begins piloting ChatGPT Professional, a premium version of its viral chatbot – Tech Crunch
I asked ChatGPT for real-estate advice. Here's what it told me. – Business Insider
Tech futurist: What technology can do for real estate is boundless – Inman